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Business in The Gambia

Joe
Joe
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The main categories of businesses that can be registered under the laws of The Gambia include: Sole Proprietorships, Partnerships, Limited Liability Companies and Organizations/Associations. The Business Support Department, in an effort to facilitate the business registration process for both domestic and international investors, has sequentially streamlined the various processes in these categories.

How to Start Your Business in The Gambia

Sole Proprietorships

  • Obtain a Tax Identification Number (TIN), if you do not have one.
  • Fill out two Business Registration forms at the Gambia Revenue Authority (GRA) free of charge;
  • Make a small deposit on the income of 5,000 dalasis + 500 dalasis business registration fee to the GRA;
  • Obtain an Income Tax Receipt;
  • Provide copies of the Income Tax Receipt, TIN card, and business registration form to the Office of the Chief Registrar at the Ministry of Justice in The Gambia;
  • Obtain a Certificate of Business Registration at the same Office of the Chief Registrar in the Ministry of Justice in The Gambia.

Partnerships

First of all, you should retain the services of a lawyer in order to prepare a Partnership Deed. The cost of this operation varies between 10 000 and 20 000 dalasis. The GIEPA Agency will then be able to put you in contact with several lawyers in order to assist you in your transactions.

  • Obtain a Deed of Partnership registered at the Office of the Chief Registrar of the Ministry of Justice for the sum of 100 dalasis.
  • Get a TIN card at the GRA for 50 dalasis to register your partnership
  • Fill out two GRA Business Registration forms free of charge;
  • Deposit the sum of 10,000 + 1,000 dalasis of Income Tax to register your business with the GRA;
  • Obtain a TIN card from the GRA.
  • Obtain a Business Registration Certificate by presenting the TIN card and the Partnership Deed at the Office of the Chief Registrar at the Ministry of Justice;
  • Obtain a Municipal Business License from the Municipal Authority under which your business is located.

Limited Liability Companies

  • Seek legal counsel to prepare your Memorandum and Article of Association.  The fees vary between 10 000 and 20 000 dalasis ;
  • Obtain a TIN card at 50 dalasis from the GRA if you do not already have one;
  • Fill out two Business Registration forms free of charge from the GRA;
  • Make a minimum income tax deposit of 10,000 + a fee of 1000 dalasis for the registration of the business
  • To pay the Business Registration fee at the Office of the Chief Registrar of the Ministry of Justice which is equal to 6% of the company’s share capital. This after presentation of the documents listed above;
  • To submit the CO1 and CO6 forms to a Public Bailiff/Sworn Commissioner for validation in accordance with the provisions of the Company Law. The cost of this transaction varies between 500 and 1,000 Dalasis;
  • Receive a Certificate of Registration at the Office of the Chief Registrar at the Ministry of Justice;
  • Obtain a Municipal Business License from the Municipal Authority under which your business is located.

Organizations/Associations

  • Refer to a lawyer or a development expert to help you prepare your articles of association. This should include a list of the Members of the Board of Directors and their signatures;
  • Obtain a Letter from the Community Development Department;
  • Obtain a TIN card from 50 dalasis of the GRA;
  • Obtain a 100 dalasis tax stamp from the GRA;
  • Seize a Public Bailiff/Sworn Commissioner to validate the CO1 – CO6 forms in accordance with the Company Law. These forms can be obtained from the Office of the Chief Registrar.
  • Pay the registration fee of 1,000 dalasi to the Office of the Chief Registrar.
  • Obtain a Certificate of Registration for organization/association from the Office of the Chief Registrar;
  • Obtain a Municipal Release from the Municipal Authority under which your organization/association is located.

Other Operating Requirements

  • When registering a business, employers are required to ensure compliance with tax remittances to the GRA for their employees, whether Gambian or foreign, on a monthly basis in accordance with the Income Tax Act of The Gambia. These deductions can only be made with the employee’s TIN card. It is advisable to ensure that employees are in possession of their TIN card in order to avoid any tax penalties that employers may incur.
  • Quarterly tax returns are also mandatory for companies, failing which, 15 days after each quarter, they may be subject to a penalty. Operating businesses are required to register for the payment of sales tax to the GRA. This fee is 20% for Telecommunications and 15% for all other sectors.
  • Employers will also be required to pay Expatriate Quota Tax Contributions for their foreign employees annually. The different categories are indicated as follows:
  • Foreigners coming from ECOWAS: 10 000 + 100 dalasis for obtaining a form
  • All other foreigners: 40 000 + 100 dalasis for the form

Find more : https://employerofrecord-africa.com/

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